Discussion Paper Details

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Title: European Financial Markets After EMU: A First Assessment

Author(s): Jean-Pierre Danthine, Francesco Giavazzi and Ernst-Ludwig von Thadden

Publication Date: April 2000

Keyword(s): European Monetary Union, Financial Markets and Market Integration

Programme Area(s): Financial Economics and International Macroeconomics

Abstract: This paper reviews the first evidence on the impact of European Monetary Union on European capital markets, one year after the launch of the single currency. Our assessment of this evidence is very favourable. On almost all counts EMU has either already drastically changed the European financial landscape or has the potential to do so in the future. We argue that this is less due to the well-known direct effects of EMU, such as the elimination of intra-European currency risk, than to a number of indirect consequences through feedback mechanisms that seem to have been triggered by EMU.

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Bibliographic Reference

Danthine, J, Giavazzi, F and von Thadden, E. 2000. 'European Financial Markets After EMU: A First Assessment'. London, Centre for Economic Policy Research.